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Economic and Financial Management
An Empirical and Comparative Study into the Approaches of Hedging the Geographical Basis Risk of Weather Derivatives
Li Yong, Shi Feng, Jiang Zhitang
2022, 34 (5):  3-12. 
Abstract ( 43 )   PDF (1461KB) ( 30 )  
The existence of geographical basis risk makes it less effective for weather derivatives to guard against weather risks. It is necessary to combine the characteristics of the data to compare the effects of different hedging approaches. In this paper, based on the hedging theory of geographical basis risk for temperature index options, we select the 1978-2015 daily average temperature data of Weifang, Shandong province and Nanjing, Jiangsu province in China as samples to construct a spatial portfolio of temperature index options by comparing the liner combination method with the inverse distance weighting method. The results demonstrate that, as the spatial-portfolio number of temperature index options varies in a certain range, the root mean square error (RMSE) values obtained by both liner combination method and inverse distance weighting method display a U-shapted change trend, which denotes the optimal portfolio exists. In addition, both the two methods can reduce the geographical basis risk of weather derivatives. In spite of that, the inverse distance weighting method causes slighter fluctuation of RMSE values, which decline as the power exponent increases. Thus, the inverse distance weighting method is more practical and is recommended for determining optimal portfolio weights of temperature index options.
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The Asymmetry between Margin Trading and Short Selling and Its Relationship with Stock Price Crash: Evidence from the Perspectives of Risk Hedging
Zhong Kai, Li Xinyu, Wang Huacheng
2022, 34 (5):  13-24. 
Abstract ( 49 )   PDF (1295KB) ( 30 )  
Finding out how to adjust the trading policy of margin trading and short selling to avoid stock price crash is essential in guarding against systematic financial risks and putting deleveraging policies into practice. In this paper we investigate the asymmetry between margin trading and short selling, a unique phenonemon in China, and analyze the mechanism of how it relates to stock price crash. We find that the asymmetry impedes the risk hedging between margin trading and short selling, resulting in a larger risk of stock price crash. Further evidence from mediating tests suggests that the asymmetry makes it hard to hedge information risk and liquidity risk, thus more likely to trigger stock price crash. Our study implies that improving the trading policies regarding margin trading and short selling is important for preventing financial risks and ensuring the healthy development of capital markets.
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Research on the Regulatary Effect of Monetary Policies and the Wealth Effect of Stock Market——A DSGE Model Based on China's Mixed Monetary Policy
Pan Shengjie, Song Yinqiu, Zhang Hongyan
2022, 34 (5):  25-36. 
Abstract ( 21 )   PDF (1392KB) ( 12 )  
This paper constructs a DSGE model with four subjects to study the regulatory effect that China's mixed monetary policy has on the economy and the wealth effect of stock market. This paper makes an innovative attempt to take account of the mixed monetary policy which is closer to the practice of China's monetary policy, and adds stock market into the DSGE model. Starting from the household demand side, this paper studies the transmission mechanism of how the mixed monetary policy plays its effect first on stock price and then on residents' consumption, and uses China's macroeconomic data to calibrate and estimate the parameters of the model. It is found that under the framework of mixed monetary policy, technological progress can lead to a higher level of total output, monetary liquidity, stock price and consumption, hence resulting in a Pareto improvement; Mixed monetary policy can increase total output, inflation, stock price and consumption in the short term; The wealth effect of stock market is highly related to the consumption level of stockholding households. When stock price rises, households will increase their current consumption to improve the total utility of households during their existence, and vice versa. Finally, this paper puts forward some policy suggestions on bringing the stock market into the regulatory framework of monetary policy, accelerating the transformation of monetary policy toward price-oriented type, giving play to the transmission channel of stock market monetary policy and supporting the real economy.
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Media Sentiment, Information Centrality and Bank Liquidity Risk
Wang Lei, Li Shouwei, Chen Tingqiang
2022, 34 (5):  37-55. 
Abstract ( 33 )   PDF (1528KB) ( 19 )  
From the cross perspective of public opinion and overall network correlation, this paper regressesively analyzes the mechanism of how media sentiment, network structure and their interactive influence bank liquidity risk. The study finds that the media sentiment index is significantly positively correlated with bank liquidity risk for all banks and non-national commercial banks, but so far as national commercial banks are concerned, negative media sentiment index and mixed media sentiment index have a negative correlation with bank liquidity. Information centrality has obviously negative correlation with bank liquidity risk, which shows that the network effect on bank liquidity risk is double-sided. Mixed interaction effect and negative interaction effect have significant negative impact on bank liquidity risk, while the positive interaction effect has significant positive impact on bank liquidity risk. The impact of national commercial banks on bank liquidity risk is significantly higher than that of all banks, but not significantly stronger than that of non-national commercial banks.
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Technology and Innovation Management
The Impact of Financial-Industrial Integration on R&D Input of Enterprises
Wang Yu, Xia Junnuo, Liu Siyu
2022, 34 (5):  56-68. 
Abstract ( 35 )   PDF (1554KB) ( 146 )  
The high investment return from financial market often motivates manufacturing enterprises to expand from their main businesses toward financial market in the global scope, resulting in a deepening financial-industrial integration. Based on the non-parametric quantile model for B-spline expansion and the conditional probability density function, this paper draws upon the micro-data of international manufacturing enterprises from 2006 to 2018 to analyze the relevant theoretical mechanism in order to reveal the nonlinear heterogeneous impact of financial-industrial integration on R&D investment. The results show that:(1) The financial-industrial integration of enterprises has the characteristics of convergence between the macro financial development and innovation investment in countries of different type. The impact of financial-industrial integration on R&D investment presents a "U-shaped" promotion effect for developed countries, while the impact for developing countries mainly manifests as an "inverted U-shaped" crowding out effect, and there is an optimal level of financial-industrial integration to enterprise R&D investment. (2) With the improvement of the R&D investment level (corresponding to the improvement of quantile), the inflection point of financial-industrial integration level in developed countries shifts to the left, while that of developing countries shifts to the right, and the intensity of R&D investment is more sensitive to the change of financial-industrial integration level. (3) The financial-industrial integration of medium and high R&D intensive high-tech enterprises mainly shows R&D promotion effect while the medium and low R&D intensive non high-tech enterprises show R&D crowding out effect. According to this research, the financial-industrial integration degree of Chinese enterprises should be adapted to their own R&D investment level and macro financial development, so as to provide decision-making basis for improving the R&D investment goal by selecting a reasonable integration level between industry and finance.
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Research on the Impact of Different Risks on the Collaborative Innovation Project Performance——Based on the Moderating Effect of Knowledge Management
Li Lin, Liu Hong, Shi Huanhuan
2022, 34 (5):  69-80. 
Abstract ( 26 )   PDF (1589KB) ( 12 )  
Collaborative innovation projects should reflect more refined management in the high-quality development. Risk management and knowledge management are subtle and important in collaborative innovation projects. However, its impact on project performance has not been fully studied. This paper studies the relationship between different types of risks and collaborative innovation project performance. It also studies the impact of different levels of knowledge management capabilities on "risk and project performance", using SEM and HRM with 188 collaborative innovation projects data. The results show that social risk, technical risk, and project management risk have negative effects on collaborative innovation project performance. Meanwhile, knowledge management ability of cultural level, technical level and structural level can weaken the adverse effects of social risk, technical risk and project management risk on project performance in turn. Finally, based on the conclusion and the practical needs of high-quality management of collaborative innovation projects, three suggestions are put forward, namely, establishing a refined management concept, using a systematic and comprehensive management strategy, and forming a balanced management pattern.
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Research on the Antecedents of Business Model Innovation: Based on the Perspectives of Decision-making Logic and Organizational Learning
Chen Yihua, Zhang Zhengang
2022, 34 (5):  81-92. 
Abstract ( 34 )   PDF (1339KB) ( 21 )  
How do effectual logic and causal logic influence business model innovation? Answering this question can help us understand the new business model creation and the existing business model change. However, the current literature on the relationship between organizational decision-making logics, management cognition and business model innovation is not enough and needs to be enriched. Based on the theories of planning school, effectuation and organizational learning, this study explores the effect mechanism of decision-making logics and organizational learning on business model innovation. In this study, we collect data from 129 enterprises through a questionnaire survey, and obtain the following findings through empirical analysis. First, effectuation and causation have significant positive effects on business model innovation. Second, cognitive learning plays a mediating role between effectuation and business model innovation, and between causation and business model innovation. Finally, experiential learning plays a significant negative moderating role between causation and business model innovation, and plays a significant positive moderating role between effectuation and business model innovation.
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Can National High-tech Zones Improve the Urban Innovation Efficiency?——An Empirical Test Based on the Effect of Spatial Agglomeration Regulation
Li Wanhong, Liu Fang, Liu Tiansen
2022, 34 (5):  93-108. 
Abstract ( 29 )   PDF (1546KB) ( 14 )  
Based on the data of 233 urbans in China from 2000 to 2016, this paper examines whether national high-tech zones can improve urban innovation efficiency through the PSM-DID model, and then organizes the heterogeneity test from the insight of urban size and urban grade. Further, spatial agglomeration is introduced as a moderating variable to explore an internal path of national high-tech zones on urban innovation efficiency from the insight of production factor agglomeration and industrial agglomeration. Our empirical results indicate that national high-tech zones can significantly improve urban R&D efficiency and technology transformation efficiency. What's more, the effect of national high-tech zones on urban innovation efficiency varies with both urban size and urban grade, which is embodied in the fact that the improvement of national high-tech zones on innovation efficiency of large, medium-sized, and small cities is superior to mega-cities, and such improvement in second-and third-tier cities is better than that in fourth-and fifth-tier cities, while it does not affect the achievement transformation. Based on the results of spatial agglomeration regulation effect, it can be concluded that factor agglomeration significantly positively moderates the effect of national high-tech zones on R&D efficiency and technology transformation efficiency, but industrial agglomeration significantly negatively moderates the effect of national high-tech zones on technology transformation efficiency. In additional, factor agglomeration and industrial agglomeration have an obvious heterogeneity in moderating the innovation efficiency of cities in eastern and mid-western China. This paper expands the transmission mechanism of the driving role of national high-tech zone, and also provides factual evidence for exploring the path of improving urban innovation efficiency.
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Mandatory Dividend Policy and Enterprise Innovation——Based on the Perspective of Division Manager Rent-seeking
Tong Pan, Chen Xiao
2022, 34 (5):  109-123. 
Abstract ( 32 )   PDF (1341KB) ( 19 )  
In response to the mandatory dividend policy, central SOE's parent companies tend to transmit their dividend pressure to their subsidiaries and this may cause rent-seeking behavior of division managers. Taking listed central SOEs as the treatment group and comparable listed private companies as the control group, this paper uses gradual DID model to explore the impact of mandatory dividend policy on the innovation activities of subsidiaries from the perspective of rent-seeking division managers. It is found that after the implementation of mandatory dividend policy, division managers have the motivation to alleviate the dividend pressure by increasing innovation input, and this motivation increases with the rise of dividend proportion. The pressure of performance appraisal and certain equity incentive to subsidiary managers can alleviate the rent-seeking behavior of division managers. Further research shows that the mandatory dividend policy does not improve the innovation output of enterprises while increasing innovation input, but reduces the innovation efficiency of enterprises. This paper provides new empirical evidence for economic consequence of mandatory dividend policy and innovation in business group.
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The Influence of Slack Resources on the Choice of Green Innovation Mode: An Integrated View of Environmental Regulations
Cao Cuizhen, Feng Jiaolong
2022, 34 (5):  124-135. 
Abstract ( 35 )   PDF (1467KB) ( 29 )  
Slack resources have both positive and negative effects on green innovation, but few studies focus on both of them. This paper first analyzes the mechanism of how different types of resources exert dual influence on green innovation ambidexterity, and further demonstrates the moderating effect of environmental regulation on the relationship between slack resources and green innovation ambidexterity at the two levels of command-and-control regulation and market incentive regulation. And then this paper performs an empirical test with the survey data from Chinese manufacturing enterprises. The main findings are as follows:(1) The absorbed slack has a negative effect on green innovation ambidexterity, while unabsorbed slack has a positive effect on green collaborative innovation, but has a negative impact on green balanced innovation. (2) Strict command-based environmental regulations will intensify the negative impact of slack resources on green innovation ambidexterity, while market-based incentive environmental regulation will reverse the negative relationship between unabsorbed slack and green balance innovation. (3) Although absorbed slack will not have a positive effect on green collaborative innovation with the context of high market-based incentive environmental regulation, market-based incentive environmental regulation will significantly weaken the negative relationship between the absorbed slack and green collaborative innovation. (4) Both of the two types of environmental regulations have positive moderating effect between unabsorbed slack and green collaborative innovation. The stronger the environmental regulations become, the stronger the positive relationship between unabsorbed slack and green collaborative innovation becomes.
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The Effect of Institutional Corporate Social Responsibility on Consumers' Perceived Moral Capital
Luo Ziwei, Lv Linxiang, Huang Xiaoxia, Guo Yan
2022, 34 (5):  136-145. 
Abstract ( 28 )   PDF (1307KB) ( 15 )  
Corporate social responsibility (CSR) can positively affect financial performance by accumulating perceived moral capital, so an important topic in the theoretical and practical fields is how a company should fulfil its CSR to accumulate higher consumers' perceived moral capital for its own benefit. However, there is few researches on the relationship between CSR and consumers' perceived moral capital. In this paper, we trace back to the early stage of CSR research and divide CSR into technical CSR and institutional CSR from stakeholder theory. Through a pilot study, we prove that the effect of institutional CSR on consumers' perceived moral capital is real in reality. Furthermore, experiment 1 and experiment 2 verify that high institutional CSR can accumulate high consumers' perceived moral capital, and this process is mediated by altruistic attribution. Experiment 3 shows that the communication information frame of corporates moderates the effect of institutional CSR on consumers' perceived moral capital.
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Influence of the Relative Position of Cultural Symbols on the Evaluation of Culture Mixing
Nie Chunyan, Wang Tao, Wei Hua
2022, 34 (5):  146-155. 
Abstract ( 29 )   PDF (1378KB) ( 15 )  
With the development of globalization, the phenomenon of culture mixing has become increasingly common, but consumers have different reactions to it. Based on the perspective of spatial metaphor and the theory of terror management, this paper thoroughly discusses whether and how a vertical change in the relative position of mixed cultural symbols influences consumers' attitudes. The results show that consumers' evaluation of the culture-mixing pattern of foreign culture above home culture is significantly lower than that of home culture above foreign culture, and perceived cultural threat plays a completely mediating role. But when the upper cultural symbol is significantly smaller than the lower culture symbol, the main effect of up-down image schema will no longer exist. As the first-ever attempt to explore the influence of the relative spatial position of cultural symbols from the perspective of spatial metaphor, this study not only opens up a new research perspective for the study of culture mixing, but also provides important guidance and reference for enterprises' cultural mixed products or marketing design.
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Study on Consumer Comparison and Choice of Different Reference Products
Wang Ping, Sun Luping, Zhang Lijun
2022, 34 (5):  156-166. 
Abstract ( 25 )   PDF (1272KB) ( 17 )  
Extensive research demonstrates that reference products can systematically influence consumer preference and choice. However, consumers' utilization of different reference products is usually not observable. In their decision-making process, consumers may use different reference products and the utilization of reference products can be quite distinct under different contexts. In this paper, four discrete choice models are proposed to incorporate three types of external reference products (i.e., the most preferred product, the least preferred product, and the middle product in the current choice set) and a potential internal reference product, respectively. A choice-based conjoint experiment is conducted to collect consumer choices for smartphones, which are used to calibrate the models. The parameters of different models are estimated with maximum likelihood estimation method (MLE). The research results indicate that the reference effect or comparison effect does exist in consumer choice and that consumers are more likely to use the most preferred product (in the current choice set) as their reference product. When the most preferred product serves as the reference product, there is significant comparison effect for non-price attributes while the comparison effect for price is not significant.
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Organizational Behavior and Human Resource Management
Effect of Team Power Distance and Collectivism on Team Creativity: From the Perspective of Shared Leadership
Hu Dongqing, Gu Qinxuan
2022, 34 (5):  167-175. 
Abstract ( 30 )   PDF (1286KB) ( 19 )  
Drawing on social information processing theory, this study takes the perspective of shared leadership to explore the mechanism of how Chinese-styled team culture featured by team power distance and collectivism influences team creativity. Based on a sample consisted of 588 team member-leader dyads from 93 teams, the results reveal that team power distance has a negative impact on shared leadership; team collectivism has a positive impact on shared leadership; shared leadership plays a mediating role both in the negative relationship between team power distance and team creativity, and in the positive relationship between team collectivism and team creativity. The conclusions provide some important managerial implications for Chinese enterprises to value team collectivism culture construction, promote team shared leadership and then improve team creativity in the context of the current innovation-driven development strategy.
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Research on Chinese Employees' Fear of Missing Out Based on Grounded Theory: Connotation, Structure and Formation Mechanism
Shi Guanfeng, Wen Mei, Fang Zhibin, Niu Yulin, Tang Jie
2022, 34 (5):  176-187. 
Abstract ( 105 )   PDF (1309KB) ( 46 )  
At present, the price paid for "missing" in the work situation makes employees more afraid of missing something. The anxiety caused by this fear of missing out (FoMO) has become a common and potentially influential phenomenon. In order to gain a deeper understanding of the performance and causes of FoMO in Chinese employee groups, this research uses constructive grounded theory,and such methods as interviews and content analysis to explore the connotation and structure of Chinese employees' FoMO. It is found that as a comprehensive anxiety caused by fear of missing out job information, workplace relationship, career development opportunities and job welfare, FoMO is characterized by the contradiction resulting from the rule-vs-sympathy game, the persistence generated by threat awareness, and the diversity of the "relationship" that triggers employees' FoMO. On this basis, this study also proposes a model of the formation path of Chinese employees' FoMO. The results extend the research of Chinese employees' FoMO to a new field and lay a foundation for the study of FoMO in Chinese work situations.
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Dynamic Over-optimism of Management and the Quality of Management Earnings Forecast
Song Yunling, Lv Jianing, Huang Xiaobei, Liu Xiangwei
2022, 34 (5):  188-201. 
Abstract ( 24 )   PDF (1416KB) ( 8 )  
The series of success on prior management earnings forecast (MEF) can induce dynamic over-optimism in management which will affect the quality of current MEF via the mechanism of optimistic expectation and/or managerial opportunism. The results based on mandatory MEFs disclosed by A-share listed companies during the period of 2003-2016 indicate that, other things being equal, the optimistic bias and error of current management earnings forecast will decrease in the series of success on prior management earnings forecast. Further analysis shows that regulatory pressure confronted by management is the key detrimental factor to the mechanism of optimistic expectation. The results are robust after controlling for static over-confidence, management forecasting ability and conservative style, and level of earnings. We provide evidence on the bright side of management's dynamic over-optimism from the perspective of information disclosure, which will help regulators and capital market participants to better understand management forecasting behavior.
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Organization and Strategic Management
Context Awareness and Phase Shift of Strategic Logic: The Evolution Path of Enterprise Innovation Choice in Emerging Field
Han Wenhai, Su Jingqin
2022, 34 (5):  202-217. 
Abstract ( 29 )   PDF (1688KB) ( 19 )  
The particularity of China's transition economy context and the pattern of enterprise innovation behaviors in emerging field are important issues of "China Management Theory". By analyzing the strategic logic differences caused by context-awareness with the case study of DIDI, this research aims at revealing the innovation choice evolution curve of enterprises in emerging field under the background of transition economy. First, under the background of transition economy, the context awareness of enterprises derives from the embedding degree of state logic and market logic in the field. Second, according to the logic embedding degree, external context awareness can be subdivided into four stages:"technology embedding", "market embedding", "institutional embedding" and "dynamic embedding". Thirdly, different stage of context awareness leads to "phase shift" of strategic logic in psursuit of consistence between strategy and context. The "phase shift" of strategic logic influences the innovation choice in the four stages, which follows the evolution path from "capability logic" to "complexity logic" to "guerrilla logic" and to "hybrid logic". In addition, this research also recommends the concept of "Post-Lewin Change" to explain the evolution mechanism of innovation choice:through the spontaneous strategic change of "unfreezing-changing-refreezing-unfreezing", enterprises can lead, adapt to or prevent the context change, and maintain the consistency of strategic logic and strategic context. This research provides insightful reference for the industry governance of emerging fields in the context of China's transition economy, and the innovation and entrepreneurship management of Internet enterprises in the context of Big Data. By focusing on the rarely involved state logic, in the existing studies of institutional logic, this research reveals the particularity of China's transition economic context compared to western countries, and the key role of state logic influence in the evolution of innovation choice.
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To Maximize Gains or Minimize Losses? Antecedents of CEO Regulatory Focus: An Empirical Study on the Chinese Listed Firms
Lang Yi, Wang Hui
2022, 34 (5):  218-234. 
Abstract ( 28 )   PDF (1495KB) ( 15 )  
The current research focuses on one of the motivation based and strategic important individual attributes of CEOs-regulatory foci (including promotion focus and prevention focus), and investigates their antecedents. We choose 122 financial and real estate firms listed on the Stock Exchange of Hong Kong as samples. CEOs' promotion focus and prevention focus are measured via content analysis based on "letters to shareholders" during the period from 2011 to 2014. Combining the results of content analysis with objective data from firms' annual report and WIND database, the study finds the following results. CEO tenure has an inverted U-shaped relationship with CEO promotion focus; CEO age is negatively related to CEO promotion focus; CEO incentive pay is positively related to promotion focus; CEO stock ownership is positively related to prevention focus; compared to CEOs of other firms, CEOs of stated-owned enterprises have higher level of promotion focus and prevention focus; firms' past performance is positively related to promotion focus, but negatively related to prevention focus.
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Accounting and Financial Management
Research on the Effect of Audit Quality on Inhibiting Firms' Tunneling Behavior of Loan Guarantees
Wang Mengdi, Leng Aolin, Guo Ju'e
2022, 34 (5):  235-251. 
Abstract ( 19 )   PDF (1746KB) ( 13 )  
In this paper, we study whether audit quality can inhibit companies' tunneling behaviors of providing loan guarantees. Firstly, this paper presents a theoretical mechanism model which shows the impact of external audit quality on tunneling behavior through loan guarantees. Secondly, based on guarantee events data of Chinese listed companies during 2007 to 2016, this paper calculates the cumulative abnormal return (CAR) before and after guarantee announcement days to measure the extent of tunneling. The measurement method of tunneling in our paper can alleviate type II statistical error, which appears when normal transactions are tunneling transactions are confused in the previous cross-sectional researches. The empirical tests find that (1) higher input-based audit quality (i.e. hiring high-quality accounting firms) cannot improve the CAR of guarantee events, and (2) modified audit opinions with guarantee statements significantly increase the CAR of guarantee events in the next accounting year. The results imply that just by playing its governing role, high-quality auditing cannot restrain large shareholders from tunneling, while releasing guarantee information in the audit opinion has an ex-post deterrent effect on listed firms that are intent on tunneling by guarantees.
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Entrepreneur Emotions, Legitimacy and Risk-taking Ability
Yang Hanming, Yu Xiaoliang, Zhang Qing
2022, 34 (5):  252-264. 
Abstract ( 26 )   PDF (1486KB) ( 12 )  
Based on the entrepreneur emotions scale developed in this study, we use a set of survey data together with structural equations to test the influence of entrepreneur emotions on companies' risk-taking ability and its mechanism. The results show that after exploratory factor analysis and correction, the entrepreneur emotions scale constructed in this paper has strong reliability and validity, which can accurately describe the level of entrepreneur emotions; Entrepreneur emotions can significantly promote risk-taking abilities of listed companies; The indirect effect of entrepreneur emotions on risk-taking ability is significantly greater than the direct effect, and corporate legitimacy plays an intermediary role between entrepreneur emotions and risk-taking ability. These conclusions have significangt enlightenments for deeply understanding the economic consequences of entrepreneur emotions, effectively promoting entrepreneur emotions, and practically improving enterprises' risk-taking ability.
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Institutional Investor, Private Information Transfer and Investment-Price Sensitivity: Evidence from Institutional Investors' Net Buying during the Period of Earnings Announcements
Zhang Meng, Wei Yunjie, Zhang Yongshen
2022, 34 (5):  265-280. 
Abstract ( 24 )   PDF (1339KB) ( 12 )  
Based on the daily data of institutional investor's net buying within the earning announcement period from 2012 to 2019, this paper studies whether institutional investors' net buying increase the company's investment-price sensitivity. The result shows that during the period of earnings announcements, institutional investors' net buying significantly increase the company's investment-price sensitivity. The channel analysis indicates that the company's investment is associated with the private information transferring. We also find that the impact of institutional investor's net buying on investment-price sensitivity is more significant when good earning news is announced, and the company is not covered extensively by analysts. Furthermore, this positive correlation is more significant when the company is young, financial constraints are not harsh and market competition is drastic. The research proves the feedback effect of institutional investors' net buying on the real economy.
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Emergency Management
Research on the Safe Flow Rate of Tunnel Pedestrians
Liao Can, Guo Haixiang, Zhu Kejun, Tang Jian
2022, 34 (5):  281-289. 
Abstract ( 14 )   PDF (2214KB) ( 9 )  
Existing researches on pedestrian flows have mainly focused on evacuation optimization during or after emergencies, with little attention paid to crowd management before emergencies. This research formulates a simulation model of pedestrian flow based on a multi-agent system, with the utility that each pedestrian gets in the model defined on the distance to the exit and the density of the cell. Then, Bayesian-Nash Equilibrium is employed to search for the target cell of maximum expected utility. After that, the model is validated by a real scenario and is found to have a good consistency. At last, with the experimental data collected from the different scenarios and the walking preferences taken into consideration, this paper reaches the conclusion that the safe flow rate increases by about 3ped/s as the tunnel width expands by 1m. The model proposed in this paper is proved to be working very well on dense pedestrian flows, and the conclusion would provide reference for the management of dense pedestrian flows.
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Evolution of Emergency Management Theory and Practice: Dilemma and Prospect
Wang Yanqing, Chen Hong
2022, 34 (5):  290-303. 
Abstract ( 30 )   PDF (2243KB) ( 14 )  
At present, the frequency, scale and harm of public crisis events at home and abroad have increased significantly. How to deal with public crisis events scientifically, timely and effectively has become an urgent task of emergency management. This paper analyzes the evolution of emergency management theory and practice at home and abroad by using a bibliometric method, and discusses the common characteristics and practical experiences of emergency management system by comparing the evolution of emergency management practice in the United States, Japan, the United Kingdom and China. We find that the development of emergency management theory can be divided into three stages, namely, germination stage, outbreak stage and transition stage. The rapid growth of emergency management theory has promoted the transformation of emergency management practices from the single-hazard, comprehensive era to the "big national security" era. The joint defense-based emergency management mechanism based on collaborative governance has become a common feature of the current emergency management system, and crisis prevention and risk management have become the core contents of emergency management. Moreover, this paper discusses the current difficulties and breakthroughs in the development of emergency management theory and practice, redefines the connotation of emergency management, and proposes future research prospects. Based on chronological progressiveness and horizontal comparison, this paper analyzes the overall trend of emergency management theory and practice evolution, which has great value for clarifying the status of emergency management, as well as innovating the theory and practice mode of emergency management.
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Public Management
Environmental Decentralization and Institutional Change of Local Governments in China: Measurement of Multi-level Decentralization and Assessment of Pollution Abatement Effect
Ma Ben, Hu Tiankuang, Zhao Kang
2022, 34 (5):  304-317. 
Abstract ( 21 )   PDF (1482KB) ( 10 )  
A rational assignment of environmental power among multi-level governments is perceived as a footstone to establish modernized environmental governance system in China. This paper establishes a theoretical framework for environmental decentralization (ED) based on cost-benefit analysis. Focusing on China's multi-level local governments, this paper calculates the degree and evolution of ED for provincial, prefecture-level, and county-level divisions based on staff number of environmental management system. To the authors' knowledge, this paper fills a research gap by examining China's multi-local ED quantitatively. We then evaluate the effect of each ED for the first time on industrial pollution abatement by employing panel datasets from 1992 to 2015 based on several instrumental variables methods. Empirical results indicate that China's environmental management is characterized by both decentralization toward counties and centralization toward the central, and environmental power of provincial and prefectural-level is weakened relatively. In China's decentralization system, environmental management by counties increases industrial pollution, indicating that there exists excessive decentralization. Enlarging prefectural-level power, especially environmental monitoring power, will facilitate the reduction of industrial pollution. The strong coordination by environmental target-oriented responsibility system can partially neutralize the opposite effects of ED on pollution at county and prefectural levels. The abatement effect varies significantly due to the difference in management function, region and pollutant, suggesting that there is a need to explore a more feasible system that best fits the features of specific function, region and pollutant.
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Review and Prospect of Doing-business Environment Research Based on Bibliometric and Visualization Map
Liu Juan, Tang Jiafu
2022, 34 (5):  318-331. 
Abstract ( 28 )   PDF (8704KB) ( 8 )  
Doing-business environment (DBE for short) is an important cornerstone of economic construction and regional development, and also is an important basis for enterprises to make decisions and plans. As a driving factor of economic development and enterprise operation, DBE is well worth a thorough academic research. In recent years, studies on DBE have attracted extensive attention from scholars. The paper uses CiteSpace5.3 software to conduct a research by means of bibliometric and visualization map. The study takes the academic journals published in Web of Science (WOS) and China National Knowledge Infrastructure (CNKI) from 2006 to 2020 as data sources. The state-of-the-art researches of DBE are summarized and analyzed from the perspectives of authors and their partnership, publications and their disciplines. On this basis, the paper focuses on the comparative analysis of research object, perspective and discipline in Chinese and English literature, as well as the dynamic evolution analysis of the research hotspots and the co-cited analysis of the research frontier, and finally the future research targets are pointed out. The research finds that both Chinese and English journal-papers have high interest in the study of DBE, but they have different focuses and perspectives. Most of the English literatures focus on the factors that influence enterprise strategy and enterprise performance from the perspective of enterprise management. Chinese literatures mostly pay more attentions to the government governance from the perspectives of national economic reform policies, regional coordinated development strategies, and improvement of government administrative efficiency, which not only shows the regional distribution characteristics with southeast and northeast regions as the leading edge, but also presents the time characteristics of the three stages. The research of the paper provides inspiration for researchers in the field of DBE to understand the development trend and explore the research hot-spots and frontier issues.
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Case Studies
Research on the Value Path of Historical and Cultural Resources Based on IP Design——Taking Danzhou, Hainan as an Example
Ning Hongwen, Lv Benfu
2022, 34 (5):  332-339. 
Abstract ( 18 )   PDF (1603KB) ( 15 )  
The Chinese government highly values the efforts to rejuvenate the cultural relics collected in the museum, the heritage displayed on the earth and the words written in the ancient books, fully explore the connotation of historical and cultural resources, promote the value development of resources, and activate their vitality. This paper takes Danzhou, Hainan, which has a poor economic foundation but rich historical and cultural resources, as an example to exploe, from the perspective of cultural IP, how a city can effectively release its historical and cultural resource endowments, promote high-quality industrial development, and drive local economic growth. At the same time, this paper has certain practical enlightenment value for economically underdeveloped areas to concentrate on promoting the precise development of historical and cultural resources.
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Construction of Ambidextrous Innovation Value Chain Model: A Study of Corporate Innovation Model Based on Grounded Theory
Sun Jianjun, Wang Shuxiang, Su Zhiwen, Wang Zheng
2022, 34 (5):  340-352. 
Abstract ( 26 )   PDF (1406KB) ( 17 )  
In the era of knowledge economy, knowledge, as an independent element and the extensive combination of knowledge element and other production elements, has become the core element of enterprise production input to improve enterprise performance and output, and the related innovation and development mode has correspondingly become the leading way of value creation in today's era. In order to explore the innovation model of enterprises that face an upheaval rarely seen in a century, this paper takes three high-end manufacturing enterprises as the main research object, and uses the classical grounded theory to code and analyze the data; Furthermore, by comparing the existing theoretical research, we construct an ambidextrous innovation value chain logic model after coding the data, consisting of "explicit/tacit knowledge factor input, exploitation/exploration ambidextrous innovation mode, relative/absolute competitive advantage and enterprise performance". It is found that:(1) the ambidextrous innovation value chain is composed of two sub-value chains based on explicit knowledge and tacit knowledge, and there is obvious heterogeneity; (2) there is also ambidextrous interaction of the two sub-value chains, thus forming a double helix structure of heterogeneous interaction. In addition to enriching the study of ambidextrous innovation, this paper also has some guiding significance for the transformation of China's innovation-driven strategy led by independent innovation. What's more, it could improve enterprises' cognition of the value of double-helix innovation.
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